本研究主要檢驗國家文化不同對債務條款使用之影響。以Hofstede (2010)文化模型作為衡量各國間債務人文化之指標，來探討文化構面對債務條款使用。本研究樣本選自29個國家、1997至2010年14個共10,721筆銀行借款契約，實證結果發現，第一、文化會顯著影響到債務條款的使用。當債務人文化中，不可確定性規避性越低、權力距離越小與個人主義越高時，債權人會使用更多債務條款。第二、當國家的機制背景與債權人保護越強時，會減緩文化對債務條款的影響。本研究結果隱含文化差異是決定債務條款使用之重要因素。

　This study examines whether the effects of cultural difference on the use of debt covenants. My sample covers more than 10,000 bank loans for borrowers from 27 countries during 1997 to 2010. On the basis of Hofstede`s cultural dimensions, the results show that high individualism, low uncertainty avoidance, and low power distance are significantly associated with the use of debt covenants. Moreover, empirical results indicate that institutional differences in legal systems and creditor right alleviate the association between cultural difference and the use of debt covenants.These findings are consistent with the notion that cultural difference is a determinant of the use of debt covenants.

壹、 前言 1
貳、 文獻回顧與假說發展 5
一、債務條款使用之原因 5
二、國家間債務條款使用差異 6
三、文化與公司風險 7
四、文化衡量與假說建立 8
參、研究設計 13
一、模型設計 13
二、資料與樣本來源 15
肆、實證結果 17
一、敘述性統計 17
二、相關係數分析 18
三、實證模型之迴歸結果 18
伍、額外測試 21
陸、結論 23
參考文獻 25
表目錄
附錄 變數定義表 29
表一 樣本選取 30
表二 樣本敘述性統計 32
表三 Pearson相關係數矩陣 33
表四 文化指標影響之迴歸結果(H1~H4) 35
表五 文化指標與機制背景影響之迴歸結果(H5~H6) 37
表六 敏感性測試 39

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